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Short Interest in Apogee Enterprises, Inc. (NASDAQ:APOG) Rises By 10.1%

kopsource · Jan 23, 2023 10:51

Apogee Enterprises, Inc. (NASDAQ:APOG – Get Rating) was the recipient of a large growth in short interest during the month of December. As of December 30th, there was short interest totalling 586,100 shares, a growth of 10.1% from the December 15th total of 532,400 shares. Based on an average daily volume of 114,500 shares, the short-interest ratio is currently 5.1 days. Currently, 2.7% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

Separately, StockNews.com assumed coverage on shares of Apogee Enterprises in a report on Wednesday, October 12th. They set a "strong-buy" rating for the company.

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Apogee Enterprises Price Performance

Shares of NASDAQ APOG traded down $0.25 during trading on Monday, reaching $43.92. The company had a trading volume of 951 shares, compared to its average volume of 89,461. Apogee Enterprises has a 52 week low of $35.96 and a 52 week high of $50.23. The stock has a market cap of $975.64 million, a PE ratio of 14.34 and a beta of 1.10. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.34 and a current ratio of 1.71. The business's 50 day moving average price is $45.90 and its 200-day moving average price is $43.23.

Apogee Enterprises (NASDAQ:APOG – Get Rating) last announced its earnings results on Thursday, December 22nd. The industrial products company reported $1.07 earnings per share for the quarter, topping analysts' consensus estimates of $0.98 by $0.09. Apogee Enterprises had a net margin of 4.75% and a return on equity of 25.58%. The company had revenue of $367.85 million during the quarter, compared to the consensus estimate of $354.60 million. Analysts expect that Apogee Enterprises will post 3.96 earnings per share for the current year.

Apogee Enterprises Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 15th. Shareholders of record on Tuesday, January 31st will be paid a $0.24 dividend. The ex-dividend date of this dividend is Monday, January 30th. This is an increase from Apogee Enterprises's previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.19%. Apogee Enterprises's payout ratio is currently 28.57%.

Insider Activity at Apogee Enterprises

In related news, insider Brent C. Jewell sold 4,500 shares of Apogee Enterprises stock in a transaction dated Monday, January 9th. The shares were sold at an average price of $45.36, for a total transaction of $204,120.00. Following the completion of the transaction, the insider now directly owns 10,816 shares of the company's stock, valued at approximately $490,613.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Apogee Enterprises

Several institutional investors have recently modified their holdings of APOG. Vanguard Group Inc. grew its position in shares of Apogee Enterprises by 6.8% during the 1st quarter. Vanguard Group Inc. now owns 2,868,027 shares of the industrial products company's stock worth $136,117,000 after buying an additional 182,687 shares during the period. Millennium Management LLC acquired a new stake in shares of Apogee Enterprises during the 2nd quarter worth approximately $5,442,000. Assenagon Asset Management S.A. acquired a new stake in shares of Apogee Enterprises during the 4th quarter worth approximately $5,353,000. Cubist Systematic Strategies LLC grew its position in shares of Apogee Enterprises by 535.0% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 123,782 shares of the industrial products company's stock worth $4,855,000 after buying an additional 104,288 shares during the period. Finally, Victory Capital Management Inc. grew its position in shares of Apogee Enterprises by 315.9% during the 3rd quarter. Victory Capital Management Inc. now owns 100,695 shares of the industrial products company's stock worth $3,849,000 after buying an additional 76,486 shares during the period. Institutional investors and hedge funds own 88.38% of the company's stock.

About Apogee Enterprises

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Apogee Enterprises, Inc designs and develops glass and metal products and services in the United States, Canada, and Brazil. The company operates in four segments: Architectural Framing Systems, Architectural Glass, Architectural Services, and Large-Scale Optical Technologies (LSO). The Architectural Framing Systems segment designs, engineers, fabricates, and finishes the aluminum frames used in customized aluminum and glass window; curtain wall; storefront; and entrance systems, such as the outside skin and entrances of commercial, institutional, and multi-family residential buildings.